1/ MONEY MANAGEMENT TIPS (PART 2).
Understand the value of time.
What is your hourly? Take your monthly net salary and divide it by the hours that you work.
A THREAD...
Understand the value of time.
What is your hourly? Take your monthly net salary and divide it by the hours that you work.
A THREAD...
2/ How quickly do you spend that amount? If you are like most people it often doesn’t even take you an hour. So the problem is we spend money faster than we earn it. We can increase that amount by using time well.
3/ When not working do something that will add value to it along the way e.g. taking a course, learning something new etc.
4/ Also when making your next purchase don’t just look at the money but also ask if it is worth the time you have spent earning that money. Spend your time intentionally.
5/ Work backwards.
Ask yourself what will be important to you in the next ten years or twenty years. In some of our Centonomy programs, we do it to even ninety years.
Ask yourself what will be important to you in the next ten years or twenty years. In some of our Centonomy programs, we do it to even ninety years.
6/ This will start to show you what you truly value. In my book, Making Cents, I have talked about money not being the life but rather a tool or resource for life. This exercise helps you define what that life looks like and hence how money fits in.
7/ Create multiple income streams.
Your job is one. Income from your business is one. There could be others.
Your job is one. Income from your business is one. There could be others.
8/ In our classes we are big fans of identifying non-financial assets such as skills, talents, hobbies etc. that can be monetized. It doesn’t have to start off as a big amount. The idea is to just start.
9/ Understand the difference between assets and flossets.
Assets will appreciate in value, give you an income, and at times keep money safe. Flossets look very good but will often depreciate and cost you money.
Assets will appreciate in value, give you an income, and at times keep money safe. Flossets look very good but will often depreciate and cost you money.
10/ Assets can fund flossets. Assets will eventually provide you with an income that can sustain your lifestyle. They are your factory. Prioritize building assets.
11/ Many of us wish we started getting our act together earlier. If you could start all over again, what would you do differently? Well just start doing that. It’s never too late. If not now, when?
12/ The above article was written by Waceke Nduati
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